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Please calculate/select the correct answers and briefly explain why There are only two firms in a particular industry. The firms realize that by colluding, they
Please calculate/select the correct answers and briefly explain why
There are only two firms in a particular industry. The firms realize that by colluding, they can maximize their joint profits. Consumers have the market demand function P(Q) = 115 -1.75Q and both firms incur the same total and marginal costs equal to T'C(q;) = 345 + 3q; and MO(q:) = 3, where i = 1, 2. Suppose there was a way to restrict each firm to produce the agreed-upon level of output. For the first blank: your answer should include only numbers. Round your answer to two decimal places, if necessary. Each firm should produce units of output. For the next two blanks: Your answer should include only numbers and a decimal, if necessary. Do not include the $-sign or comma (). If your answer is not an integer, round to the nearest cent. For example, if P = $0.10, type in "0.10". . If your answer is an integer, do not add the ".00" at the end of your answer. For example, if your answer is $1, typing in "1" is the correct answer format. Do not type in "1.00". The equilibrium market price is $ Each firm will earn profits equal to $Consider the following 2-olayer normal form game. Player 2 Blue Yellow Have 1 Pink \" 3, 7 Turquoise 4, 5 Player 1'5 dominant strategy is [Select] V and Player 2's dominant strategy is [Select] The Nash Equilibrium of this game is [Select] V [select all that apply)Step by Step Solution
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